New Evidence on the Private Saving Offset and Ricardian Equivalence:
The ability of discretionary fiscal policy to affect economic activity following shocks depends on how private agents react. This paper re-investigates the extent of possible offsetting private saving behaviour to fiscal policy changes. The results suggest that the private saving offset is around 40...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | The ability of discretionary fiscal policy to affect economic activity following shocks depends on how private agents react. This paper re-investigates the extent of possible offsetting private saving behaviour to fiscal policy changes. The results suggest that the private saving offset is around 40% on average across countries in both the short and the long term, which is somewhat lower than found in prior research. However, the estimates vary considerably across countries. Disaggregate analyses of the budget components shows that changes in current revenues are almost fully offset, whereas offsets to current spending are on average around one third to one half depending on the sample. There is no offset for public investment, making it the most potent policy tool. Saving offsets are stronger the higher the level of government debt consistent with the expectation that snowballing debt may ultimately lead to higher taxation. They are also stronger the better developed financial markets are, pointing to the importance of liquidity constraints for the effectiveness of policy |
| Beschreibung: | 1 Online-Ressource (35 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5kmft7qb5kq3-en |
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| spelling | Röhn, Oliver Verfasser aut New Evidence on the Private Saving Offset and Ricardian Equivalence Oliver Röhn = Nouveaux éléments concernant l'effet compensatoire de l'épargne privée et l'équivalence ricardienne / Oliver Röhn Nouveaux éléments concernant l'effet compensatoire de l'épargne privée et l'équivalence ricardienne Paris OECD Publishing 2010 1 Online-Ressource (35 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers The ability of discretionary fiscal policy to affect economic activity following shocks depends on how private agents react. This paper re-investigates the extent of possible offsetting private saving behaviour to fiscal policy changes. The results suggest that the private saving offset is around 40% on average across countries in both the short and the long term, which is somewhat lower than found in prior research. However, the estimates vary considerably across countries. Disaggregate analyses of the budget components shows that changes in current revenues are almost fully offset, whereas offsets to current spending are on average around one third to one half depending on the sample. There is no offset for public investment, making it the most potent policy tool. Saving offsets are stronger the higher the level of government debt consistent with the expectation that snowballing debt may ultimately lead to higher taxation. They are also stronger the better developed financial markets are, pointing to the importance of liquidity constraints for the effectiveness of policy Economics https://doi.org/10.1787/5kmft7qb5kq3-en Verlag kostenfrei Volltext |
| spellingShingle | Röhn, Oliver New Evidence on the Private Saving Offset and Ricardian Equivalence Economics |
| title | New Evidence on the Private Saving Offset and Ricardian Equivalence |
| title_alt | Nouveaux éléments concernant l'effet compensatoire de l'épargne privée et l'équivalence ricardienne |
| title_auth | New Evidence on the Private Saving Offset and Ricardian Equivalence |
| title_exact_search | New Evidence on the Private Saving Offset and Ricardian Equivalence |
| title_exact_search_txtP | New Evidence on the Private Saving Offset and Ricardian Equivalence |
| title_full | New Evidence on the Private Saving Offset and Ricardian Equivalence Oliver Röhn = Nouveaux éléments concernant l'effet compensatoire de l'épargne privée et l'équivalence ricardienne / Oliver Röhn |
| title_fullStr | New Evidence on the Private Saving Offset and Ricardian Equivalence Oliver Röhn = Nouveaux éléments concernant l'effet compensatoire de l'épargne privée et l'équivalence ricardienne / Oliver Röhn |
| title_full_unstemmed | New Evidence on the Private Saving Offset and Ricardian Equivalence Oliver Röhn = Nouveaux éléments concernant l'effet compensatoire de l'épargne privée et l'équivalence ricardienne / Oliver Röhn |
| title_short | New Evidence on the Private Saving Offset and Ricardian Equivalence |
| title_sort | new evidence on the private saving offset and ricardian equivalence |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kmft7qb5kq3-en |
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